ASPA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ASPA
Largest movements
- Cash +€33,622
up €33,622 (+117%), from €28,656 to €62,278
mainly Depreciation (+€37,435) and Stocks and contracts (+€27,788)
- Stocks and contracts -€27,788
down €27,788 (-45.1%), from €61,676 to €33,888
- Tangible fixed assets -€27,185
down €27,185 (-11.2%), from €242,027 to €214,842
of which Furniture and vehicles: -€23,502
- Receivables within one year +€3,658
up €3,658 (+33.1%), from €11,069 to €14,727
of which Trade receivables: +€2,705
- Debts after one year -€33,439
down €33,439 (-21.4%), from €155,928 to €122,490
- Reserves +€13,727
up €13,727 (+17.8%), from €77,023 to €90,749
- Gross operating margin +€30,281
up €30,281 (+88.5%), from €34,231 to €64,512
- Depreciation -€2,646
down €2,646 (-6.6%), from €40,081 to €37,435
- Taxes +€2,119
up €2,119, from €0 to €2,119
- Other operating charges +€1,352
up €1,352 (+56.0%), from €2,412 to €3,763
- Financial charges -€1,169
down €1,169 (-13.5%), from €8,660 to €7,491
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,880 | €326,095 | -€17,785 | -5.2% |
| Fixed assets | 21/28 | €242,027 | €214,842 | -€27,185 | -11.2% |
| Tangible fixed assets | 22/27 | €242,027 | €214,842 | -€27,185 | -11.2% |
| Land and buildings | 22 | €192,894 | €191,124 | -€1,770 | -0.9% |
| Plant, machinery and equipment | 23 | €4,589 | €2,676 | -€1,913 | -41.7% |
| Furniture and vehicles | 24 | €44,544 | €21,042 | -€23,502 | -52.8% |
| Current assets | 29/58 | €101,853 | €111,253 | +€9,400 | +9.2% |
| Stocks and contracts in progress | 3 | €61,676 | €33,888 | -€27,788 | -45.1% |
| Stocks | 30/36 | €61,676 | €33,888 | -€27,788 | -45.1% |
| Amounts receivable within one year | 40/41 | €11,069 | €14,727 | +€3,658 | +33.1% |
| Trade receivables | 40 | €4,878 | €7,583 | +€2,705 | +55.5% |
| Other amounts receivable | 41 | €6,191 | €7,144 | +€953 | +15.4% |
| Cash at bank and in hand | 54/58 | €28,656 | €62,278 | +€33,622 | +117% |
| Deferred charges and accrued income | 490/1 | €452 | €360 | -€92 | -20.4% |
| Total equity and liabilities | 10/49 | €343,880 | €326,095 | -€17,785 | -5.2% |
| Equity | 10/15 | €114,207 | €127,933 | +€13,727 | +12.0% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €77,023 | €90,749 | +€13,727 | +17.8% |
| Distributable reserves | 133 | €77,023 | €90,749 | +€13,727 | +17.8% |
| Amounts payable | 17/49 | €229,673 | €198,162 | -€31,512 | -13.7% |
| Amounts payable after more than one year | 17 | €155,928 | €122,490 | -€33,439 | -21.4% |
| Financial debts | 170/4 | €155,928 | €122,490 | -€33,439 | -21.4% |
| Amounts payable within one year | 42/48 | €73,620 | €75,572 | +€1,952 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €33,816 | €33,439 | -€378 | -1.1% |
| Trade debts | 44 | €5,182 | €4,552 | -€630 | -12.2% |
| Suppliers | 440/4 | €5,182 | €4,552 | -€630 | -12.2% |
| Taxes, remuneration and social security | 45 | €2,496 | €5,111 | +€2,614 | +105% |
| Taxes | 450/3 | €2,496 | €5,111 | +€2,614 | +105% |
| Other amounts payable | 47/48 | €32,125 | €32,471 | +€345 | +1.1% |
| Accrued charges and deferred income | 492/3 | €125 | €100 | -€25 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,081 | €37,435 | -€2,646 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €551 | €0 | -€551 | -100% |
| Other operating charges | 640/8 | €2,412 | €3,763 | +€1,352 | +56.0% |
| Non-recurring operating charges | 66A | €648 | €0 | -€648 | -100% |
| Gross operating margin | 9900 | €34,231 | €64,512 | +€30,281 | +88.5% |
| Operating profit (loss) | 9901 | -€9,460 | €23,314 | +€32,774 | |
| Financial income | 75/76B | €115 | €23 | -€92 | -79.6% |
| Recurring financial income | 75 | €115 | €23 | -€92 | -79.6% |
| Financial charges | 65/66B | €8,660 | €7,491 | -€1,169 | -13.5% |
| Recurring financial charges | 65 | €8,660 | €7,491 | -€1,169 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,005 | €15,846 | +€33,851 | |
| Income taxes | 67/77 | €0 | €2,119 | +€2,119 | |
| Profit (loss) for the period | 9904 | -€18,005 | €13,727 | +€31,732 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,005 | €13,727 | +€31,732 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.